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Arye Weigensberg Named Interim Head of Research and Development
Search to Identify Permanent Successor Well Underway
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos Group" or the "Company"), an innovative global cannabinoid company, today announced that Dr. Todd Abraham will retire as Chief Innovation Officer, after a distinguished 40-year career, including the last two years at Cronos Group. Arye Weigensberg, General Manager at Cronos Research Labs and Vice President of Research and Technology, has assumed the role of Head of Research and Development on an interim basis until a permanent replacement is named. The Company is conducting a search for Dr. Abraham's successor and looks forward to appointing a successor in the near term.
During Dr. Abraham's tenure, he helped advance Cronos Group's research and development initiatives in cannabinoids, including identifying new disruptive technologies and adopting best practices and innovations from adjacent consumer goods industries. Among his key accomplishments, Dr. Abraham spearheaded Cronos Group's partnership with Ginkgo Bioworks. Following the successful fermentation of the first target cannabinoid, CBG, at commercial scale, the Company launched its first cultured cannabinoid product, Spinach FEELZâ„¢ Chill Bliss 2:1 THC|CBG gummy in the Canadian market last week.
"Cronos Group is grateful for Todd's vision and talent," said Kurt Schmidt, President and Chief Executive Officer of Cronos Group. "Under his leadership, we have strengthened our focus on innovation, product development and consumer insights, building a robust research team that is a leader in the cannabis industry. Todd leaves Cronos Group well positioned to continue advancing the cannabis industry and to elevate the consumer experience responsibly. We appreciate his significant contributions and wish him all the best in his retirement."
Mr. Schmidt continued, "We appreciate Arye stepping into the role on an interim basis. In addition to Arye, Cronos Group has a deep bench of research and development talent who will continue to drive our innovation roadmap forward. Our search for a permanent successor is well underway."
Dr. Todd Abraham commented, "It has been a privilege to serve as Cronos Group's Chief Innovation Officer. I am proud of all that we have accomplished in building Cronos Group into a market leader and look forward to watching as the Company continues to build disruptive technology that will unlock the full potential of cannabis."
About Arye Weigensberg
As interim Head of Research and Development, Arye is responsible for our scientific efforts to unlock the potential of cannabis by discovering and validating the unique effects of rare cannabinoids. Before joining the Company, Arye was the CEO of Altria Israel, Altria Group, Inc.'s vaporizer-focused research and development innovation hub, where he drove Altria's vapor business forward through research, product development, technology innovation, analytics and marketing strategies. Arye joined Altria Group in 2014 as part of its acquisition of Green Smoke, where Arye was the Director of Marketing and Brand Management. At Green Smoke, Arye served on the company's management team and was instrumental in the vape start-up's rapid rise to industry leadership. Prior to Green Smoke, Arye held a variety of roles in brand management and marketing, supporting food brands such as Manischewitz, Lawry's, Ragu, Knorr and Country Crock. Arye graduated from Concordia University's John Molson School of Business with a Bachelor of Commerce in Marketing and International Business.
About Cronos Group Inc.
Cronos Group is an innovative global cannabinoid company with international production and distribution across five continents. Cronos Group is committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos Group is building an iconic brand portfolio. Cronos Group's portfolio includes PEACE NATURALSâ„¢, a global wellness platform, two adult-use brands, COVEâ„¢ and Spinachâ„¢, and three hemp-derived CBD brands, Lord Jonesâ„¢, Happy Danceâ„¢ and PEACE+â„¢. For more information about Cronos Group and its brands, please visit: www.thecronosgroup.com.
Forward-looking Statements
This press release may contain information that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "Forward-looking Statements"). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include the Company's intention to hire a successor to Dr. Abraham's role, the Company's positioning to advance the cannabis industry and to elevate the consumer experience responsibly, and the Company's intention to build an international iconic brand portfolio and develop disruptive intellectual property. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks, financial results, results, performance or achievements expressed or implied by those Forward-looking Statements and the Forward-looking Statements are not guarantees of future performance. A discussion of some of the material risks applicable to the Company can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2021 and the Company's Quarterly Report on Form 10-Q for the period ended June 30, 2021, each of which have been filed on SEDAR and EDGAR and can be accessed at www.sedar.com and www.sec.gov/edgar, respectively. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, the Company disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
Cronos Group Contact
Shayne Laidlaw
Tel: (416) 504-0004
investor.relations@thecronosgroup.com
